In 2017, the Action Plan for Deepening Structural Adjustment of Shipbuilding Industry to Accelerate Transformation and Upgrading (2016-2020) and the Action Plan for Sustainable and Healthy Development of Offshore Engineering Equipment Manufacturing (2017-2020) were officially released. The "Action Plan" clarifies the overall requirements, key tasks and safeguard measures for the deepening structural adjustment of the shipbuilding industry during the 13th Five-Year Plan period, and guides the healthy and stable development of the shipbuilding enterprises. At the same time, 2017 is also the long-term adjustment of the international ship market. The year of recovery. China's shipbuilding industry closely focuses on industrial policies, seizes the favorable opportunity for the market to recover, and under the hard work of the whole industry, it has achieved three major shipbuilding indicators, continued to lead, product structure is continuously optimized, industrial structure is more reasonable, and integration of industry and finance is deeper. With the industrial quality upgrade, the international status continues to improve the good performance. However, due to the deep adjustment of the international ship market, deep-seated problems such as “funding difficultiesâ€, “difficult to deliver†and “difficult to earn†still exist, and the shipbuilding industry is still facing a serious situation.
I. Basic Situation of Economic Operation (I) The three major shipbuilding indicators in the country increased and decreased in 2017. The national shipbuilding completion was 42.68 million DWT, up 20.9% year-on-year; the new ship orders were 33.73 million DWT, up 60.1% year-on-year; The number of hand-held ships was 87.23 million DWT, a year-on-year decrease of 12.4%.
(II) Ship export growth In 2017, the nation's completed export ship was 39.44 million DWT, up 17.9% year-on-year; the export ship order was 28.13 million DWT, up 72.9% year-on-year; at the end of December, the hand-held export ship order was 78.68 million DWT. It was down 14.7% year-on-year. Export ships accounted for 92.4%, 83.4% and 90.2% of the national shipbuilding completion, new orders, and hand-held orders, respectively.
From January to November 2017, the export value of China's ships was US$21.07 billion, a year-on-year increase of 4.4%. Among the export ship products, bulk carriers, oil tankers and container ships still dominate, with exports totaling US$12.88 billion, accounting for 61.7% of total exports. Ship products are exported to 181 countries and regions and are still dominated by Asia. China's exports to Asia amounted to US$11.07 billion, accounting for 52.5% of total exports; exports to Europe amounted to US$4.12 billion, accounting for 19.6%; and exports to Oceania were US$2.79 billion, accounting for 13.2%.
(III) Declining economic benefits of the shipbuilding industry From January to November 2017, there were 1,407 shipbuilding industrial enterprises above designated size, achieving a main business income of 590.04 billion yuan, down 8.2% year-on-year. Among them, the shipbuilding industry was 279.19 billion yuan, down 5.9% year-on-year; the ship supporting industry was 84.53 billion yuan, down 6.1% year-on-year; the ship repair industry was 20.69 billion yuan, down 26.2% year-on-year; the offshore engineering special equipment manufacturing industry was 41.69 billion yuan, down year on year. 12%.
Shipbuilding enterprises above designated size achieved a total profit of 14.18 billion yuan, a year-on-year decrease of 15.9%. Among them, the shipbuilding industry was 7.5 billion yuan, down 35.4% year-on-year; the ship supporting industry was 4.53 billion yuan, down 10.3% year-on-year; the ship repair industry was 690 million yuan, up 38% year-on-year; the offshore engineering special equipment manufacturing industry was 770 million yuan, turning losses For profit.
II. Main features of economic operation (I) International market share ranks first, and industrial concentration continues to increase In 2017, the international shipping market bottomed out and the new ship market remained active. China's shipping companies are taking advantage of the favorable opportunity for the market to pick up and actively explore the market. The annual shipbuilding completion volume, new ship orders and hand-held orders accounted for 41.9%, 45.5% and 44.6% of the global market respectively. The international market share of the three major shipbuilding indicators ranked first in the world. The industry concentration of the shipbuilding industry has further improved. The completion of shipbuilding in the top 10 enterprises in the country accounted for 58.3% of the national total, an increase of 1.4 percentage points over 2016. The trend of new orders to the dominant enterprises is obvious. The top 10 enterprises accounted for 73.4% of the new orders; the backbone of China's key shipping companies has obvious advantages, and the core competitiveness of the industry has been continuously improved. Five companies have entered the top 10 global completions. Four companies entered the top 10 global orders.
(II) Continuous optimization of product structure and orderly development of brand construction In 2017, China's key shipbuilding enterprises continued to increase investment in science and technology innovation, product structure continued to upgrade, and a number of high-tech and high value-added ships were successfully developed. A number of high-end ship types and offshore engineering equipment such as the world's first 38,800-ton intelligent ship, the world's most advanced 6,000-ton riprap ship, 84,000 cubic meters of super-large gas carrier, and saturated diving support ship were successfully delivered. Batched to undertake the world's largest 22,000 TEU dual fuel container ship, 174,000 cubic meters of liquefied natural gas (LNG) ship, 174,000 cubic meters of floating LNG storage and regasification unit (LNG-FSRU), 300,000 tons of floating High-tech ships and offshore orders, such as the production of oil storage vessels (FPSO), have a new order-to-load ratio of 0.34. China's shipbuilding enterprises keep up with market demand and continue to promote the construction of advantageous product brands. Nantong COSCO Shipping Kawasaki Marine Engineering Co., Ltd. promoted the upgrading of ship types such as large container ships and clean energy ships, and formed branded ships with good performance, quality and technology. In 2017, 7 projects in the shipbuilding industry won the National Science and Technology Award, Shanghai Overseas Takahashi Shipbuilding Co., Ltd. Good Hope Angle Bulk Carrier, Jiangnan Shipbuilding (Group) Co., Ltd. Double Fuel Liquefied Ethylene Gas Transport Ship, Guangzhou Shipyard International Co., Ltd. The product of the medium-traffic transportation (MR type) product oil tanker, the medium ship Huangpu Wenchong Ship Co., Ltd. product engineering (work) ship was selected for the second manufacturing single champion product.
(III) Intensive cultivation of market segmentation and initiative to lead market demand In 2017, China's key shipbuilding enterprises took the initiative to focus on the current situation of the three major ship-type new ship markets in recent years, and intensively cultivated in the field of subdivided products, and actively carried out special ships and rivers. The development of markets such as intermodal ships, small and medium-sized ships, and offshore fishing vessels has achieved remarkable results. Successfully delivered the world's first three-blade independent C-type tank liquid ethane gas carrier, the world's first 25,000-ton LNG high-pressure dual-fuel general cargo ship, Asia's largest self-propelled cutter suction dredger "Tianhao", domestic The first pure electric dump truck realized the launching; China's offshore equipment manufacturing enterprises actively cultivated new economic growth points and actively explored the development of non-oil and gas markets such as marine mineral resources, marine biological resources and marine space resources. The world's first deep-sea semi-submersible large-scale intelligent fishing ground "Ocean Fishery No. 1", self-elevating multi-purpose marine pasture platform, "Deep Sea Warrior" manned submersible; ultra-deep water double-tower semi-submersible drilling platform "blue" The Whale 1" helped China's first seawater gas hydrate (combustible ice) test success; the world's first deep-sea mining ship project is progressing steadily. Actively expand new areas such as offshore wind power, offshore natural gas power generation vessels, floating power generation + desalination platforms, marine garbage power generation vessels, integrated marine entertainment platforms, and offshore hotels.
(4) Solidly promote lean management and reduce costs in parallel. In 2017, the global shipping and shipbuilding market continued to be sluggish. Shipbuilding companies faced difficulties such as “difficulty in receiving ordersâ€, “difficulty in delivery,†and “difficulty in profitabilityâ€, focusing on market and customer needs. Change, in the product strategy, technological innovation, management model and other aspects of the full transformation, through lean management, cost control, intelligent manufacturing, risk prevention and other measures to reduce costs. China Shipbuilding Industry Group Co., Ltd. deepened the key project of “transformation-lean shipbuildingâ€, and the construction efficiency of the group enterprises continued to improve. Dalian Shipbuilding Industry Co., Ltd. 72,000 tons of refined oil ship first ship was launched 17 days ahead of the planned node, super large crude oil The construction period of the ship (VLCC) is continuously shortened; Huangpu Wenchong continues to carry out cost reduction and efficiency enhancement work, and through the strict implementation of budget management, special cost management, and active procurement management, the company has cut costs and reduced costs by more than 300 million. Yuan, Jinhaizhi Manufacturing Co., Ltd. saves electricity costs by 10% every year through photovoltaic roofing project. Zhoushan Wanbang Yongyue Repair Co., Ltd. introduces ship repairing robots to increase average operating efficiency by 3 times; Nantong COSCO Shipping Kawasaki realizes production mode through intelligent manufacturing In the transformation, its shipbuilding intelligent workshop adopts automated production lines to increase production efficiency by 3 times; China Merchants Group and China Shipbuilding Heavy Industry have saved financing costs by issuing corporate bonds.
(5) Market-oriented means to leverage, the integration of industry and finance is deeper in 2017. As European banks continue to wait and see, some banks have tightened their ship financing, China Export-Import Bank and China Development Bank continue to support China's ships through policy-based financial means. The industry is transforming and upgrading to high-quality manufacturing. China's ship finance leasing business has developed rapidly and has gradually become the main buyer of the new shipbuilding market in the world. According to incomplete statistics, in 2017, ICBC Financial Leasing Co., Ltd., Minsheng Financial Leasing Co., Ltd., Bank of China Financial Leasing Co., Ltd. and Bank of Communications Financial Leasing Co., Ltd. and other Chinese financial leasing companies have ordered 300 domestic shipyards. More than 10,000 tons of ships have supported the healthy development of China's shipping companies with a financial innovation model. China's key shipbuilding enterprises continue to innovate financing models, and solve financing difficulties through market-based means such as issuing bonds and debt-to-equity swaps. By implementing market-based debt-to-equity swaps, CSIC has effectively optimized its capital structure, effectively reduced leverage, and reduced its asset-liability ratio by 11%.
(VI) Independent innovation of key technologies and upgrading of shipbuilding industry quality In 2017, the requirements of the international maritime rules for ship supporting industries, especially for emissions, became increasingly strict. In order to meet the new requirements of the shipping industry and the shipbuilding industry for green and environmentally friendly products, China's ship supporting enterprises have increased the research and development of key core technologies and strengthened product development and market expansion. The world's first micro-ignition dual-fuel engine, the first domestic low-speed marine engine with independent research and development of high-pressure selective catalytic reduction (SCR) system, the world's largest diameter marine propeller; the self-developed electric drive marine winch with active heave compensation , CS21 marine medium speed diesel engine, full speed fin stabilizer, R6 mooring chain, GCS1000 gear box and other product technologies to fill the domestic gap, breaking foreign monopoly; Qingdao Shuangrui BalClor series ballast water management system became the first in Asia to obtain US Coast Guard Team (USCG) type approval certificate product.
III. Main Problems in Economic Operation (I) The problem of “funding difficulties†has not been effectively alleviated In 2017, financial institutions further increased their attention to the risks of shipbuilding and offshore engineering equipment construction enterprises, and some banks have already tightened credit or extended credits. The approval situation has increased the difficulty of financing the enterprise. Despite the recovery in the market, the ship and offshore engineering equipment market is still in a downturn, and the company's cash flow has shrunk sharply. The large backbone enterprises in the industry are facing financial constraints. The problem of “financing difficulties†in the shipbuilding industry has not been effectively alleviated.
(2) Hand-held orders continue to decline, and there is still a long way to go to capacity-building. In recent years, major ship-building countries have been trying to resolve excess capacity, but compared with the sharp contraction of new ship demand, it is difficult for ship-to-ship orders to meet normal production needs. China's hand-held ship orders have declined for four consecutive years, and most ship companies can only maintain a working life of about one year, facing serious challenges in ensuring continuous production capacity. From the demand side, the international new shipbuilding market has an annual average of 80 million tons, and China can accept more than 40% of market orders. In the face of the new normality of new ship demand, only by insisting on the supply-side structural reform, giving full play to the decisive role of the market in resource allocation, and striving to do a good job of capacity-removing, can the shipbuilding industry truly break out of the trough and achieve recovery.
(III) Rapid increase in comprehensive costs and sharp shrinkage of profit margins In 2017, due to the decline in orders for hand-held ships and the increase in the gap in construction vessels, the competition in the new ship market was extremely fierce, and the contradiction between new ship prices and cost inversion was highlighted. On the one hand, the ship market demand is low, the shipbuilding enterprises are under-employed, the delivery is difficult, and the two sides are under pressure. On the other hand, since the end of 2016, the prices of raw materials mainly based on ship plates have continued to rise, with an average increase of more than 40%. The exchange rate of RMB against the US dollar has continued to rise, corporate financial expenses have increased, and labor shortage has led to a rigid increase in labor costs. Single-delay delivery has increased and management costs have continued to grow. The rapid increase in the comprehensive cost of shipping companies has greatly squeezed the profit margins of shipbuilding enterprises. The profitability of the industry has fallen sharply and the sustainable development has been affected.
(4) The external environment continues to deteriorate, and the risk of hand-in-hand projects has increased. In 2017, internationally renowned offshore operators such as Hafira Shipping, Chaoshui Company, and Fawdad Shipping filed for bankruptcy or planned debt restructuring to crack down on the offshore equipment construction market. Huge, the delayed delivery and abandonment of ship-to-ship offshore engineering projects have intensified and the market environment has continued to deteriorate. According to statistics, China's shipbuilding enterprises have various types of offshore platforms involving contract termination and abandonment of ships. These projects have been repeatedly requested by shipowners to be postponed, and eventually abandoned, which has a great impact on the shipyard's production and operation. The characteristics of customized marine engineering equipment make it difficult to sell it. The current offshore industry technology is changing with each passing day. The risk of ship abandonment of shipbuilding projects is constantly gathering, and the delivery situation is particularly severe.
IV. Forecast In 2018, the global economic development will tend to be stable, and the shipping market is expected to stabilize. The international shipping demand has increased slightly, the old ships have been eliminated, the excess capacity will be further digested and absorbed, and the new ship market is expected to remain active. It is estimated that the global new ship volume will be between 70 million and 75 million deadweight tons in 2018, and the offshore engineering equipment turnover will be about 13 billion US dollars. The new ship price may rise slightly. The trading volume of large ships will fall back in 2018, and some small and medium-sized ships will be active. The market for a few special ships such as luxury cruise ships, car carriers and passenger rolling ships is still worthy of attention. Global oil and gas development will continue to pick up, and market hotspots will continue to focus on floating production platforms, offshore wind farm construction and operation equipment, and LNG-related equipment.
It is estimated that in 2018, the main economic indicators of China's shipbuilding industry will continue to be at a low level, and the completion of shipbuilding may decline. The number of new orders will increase compared with 2017, and the orders placed at the end of the year will be about 80 million DWT.
V. Suggestions (I) Unswervingly promote the high-quality development of the shipbuilding industry In 2018, it is a crucial year for the ship industry to implement the 13th Five-Year Plan. The whole industry should closely focus on the "China Manufacturing 2025" and the strategic goal of building a maritime power, implement the "Shipbuilding Industry Deepening Structural Adjustment, Accelerate Transformation and Upgrading Action Plan (2016-2020)" and "Ocean Engineering Equipment Manufacturing Sustainable and Healthy Development Action" The key tasks proposed in the plan (2017~2020) and other policies are based on innovation and industrial upgrading, and the deep integration of manufacturing technology and information technology is an important starting point. We will vigorously promote supply-side structural reforms and comprehensively enhance industrial international competition. Force and sustainable development capabilities. Unswervingly promote the high-quality development of the shipbuilding industry, and strive to build a shipbuilding industry system with strong scale, strong innovation ability, good quality and good structure, and optimized structure, and strive to enter the ranks of the world's shipbuilding powers and advanced countries in marine engineering equipment manufacturing.
(II) Multi-pronged measures to solve the dilemma of “financing difficulties†in the shipbuilding industry At present, China's shipbuilding industry is in a critical period of structural adjustment, transformation and upgrading. Financial support, especially financing capability, is a key factor in whether the shipbuilding industry can achieve high-quality development. . It is recommended that financial institutions, while doing a good job in preventing financial risks, can implement policy differentiation according to actual conditions, implement differentiated credit policies for ships and offshore engineering equipment industries, continuously innovate financing models, and increase financing support for quality shipping companies. All enterprises should actively seek diversified financing methods, and optimize the financing structure by listing and financing various domestic debt financing instruments. Try to use RMB-denominated settlement in foreign trade and related investment and financing activities to reduce exchange rate risks and reduce exchange costs. Encourage high-quality key enterprises to carry out market-oriented debt-to-equity swaps and reduce asset-liability ratio.
(III) Overall planning and taking into account the shipbuilding industry's capacity and structural adjustment Currently, the demand for new ships in the global shipbuilding market has rebounded, but calmly analyzed, the volume of transactions in 2017 is still in comparison with the “Twelfth Five-Year Plan†and “Eleventh Five-Year Plan†periods. At a lower level, the size of handheld ship orders is shrinking. Although China's backbone ship companies actively resolved excess capacity through various channels, they achieved initial results. However, the whole industry should fully understand the basic facts that the contradiction of oversupply in the international shipbuilding market will exist in the future for a long time, attach great importance to the importance, arduousness and complexity of de-capacity work, and resolutely curb the impulse to build high-tech ships to expand production capacity. Adhere to the marketization and legalization to the production capacity road. Actively explore the combination of ship and offshore equipment manufacturing industry with tourism, fishery, renewable energy, deep sea space and mineral resources development, expand market segments to create demand, foster new economic growth points, and accelerate the optimization and adjustment of industrial structure.
(4) Further improve the technological innovation and quality improvement of enterprises. At present, the world's ship science and technology is developing rapidly, new international shipbuilding standards and new standards are frequently introduced, shipowners are more strict with technology and quality requirements, and major competitors such as Japan and South Korea are increasing. The intensity of scientific and technological innovation has made China's shipbuilding industry face greater challenges. On the one hand, we must adapt to changes in the market structure, closely contact shipowners, increase R&D investment, improve innovation capabilities, and strive to develop green and environmentally-friendly ships that meet market demands, build brand ship types, and lead the market with technology. On the other hand, under the dual pressure of low ship prices and rising comprehensive manufacturing costs, strengthening cost control and management has become an important way for enterprises to improve their international competitiveness. All work should be promoted with the core of improving production efficiency and reducing manufacturing costs. By strengthening financial management, we will pay attention to cost reduction and efficiency increase, promote the integration of the two industries, develop smart manufacturing, implement lean shipbuilding, control procurement costs, reduce energy consumption and other measures, and comprehensively improve corporate management.
(V) Strengthening the risk management and control of offshore engineering equipment in hand orders At present, the external market environment of the international offshore engineering equipment industry is severe, and the orders for the offshore engineering projects are postponed and even cancelled. All enterprises should fully understand the importance and urgency of the risks of offshore projects, strengthen and improve the whole process management and risk prevention of offshore projects, and reduce the risk factors of default of enterprises themselves. For projects under construction, combined with the specific needs of customers, help customers solve difficulties in financing and operating leases, create conditions for equipment delivery; closely track the progress of arbitration, compensation, etc. for the projects that have already been taken out, take effective measures to actively respond and avoid There is a systemic risk.
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